Qualiance InternationalShare price, financial results, shareholding and management
- Market cap
- ₹184 cr
- Stock P/E
- 15.3
- Book value
- ₹26
- Price to book
- 5.25
- EV / operating profit
- -
- Market cap to sales
- 2.38
- ROCE · FY26
- 33.9%
- ROE · FY26
- 40.0%
- ROE, 3-year average
- 28.7%
- Operating margin · FY26
- 22.0%
- Sales growth, 3 years
- 30.1%
- Profit growth, 3 years
- 81.7%
- Debt to equity
- 0.80
- Borrowings
- ₹28 cr
- Interest cover
- 5.0×
- Cash from business / op. profit
- 47%
- Debtor days
- 76
- Pledged
- 0.00%
- Promoter holding
- 63.66%
- Change in promoter holding
- -
- Shareholders
- 898
- High / low since listing
- ₹236 / ₹120
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Qualiance International share price chart
Close on 6 Nov 2026 · -2.19% on the day · Vol 62,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -22.2%
- Since IPO
- +7.4%
- Traded a day, 20 days
- ₹1.05 cr
- Taken for delivery
- 77%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +45% | +140% |
| 3 years, a year | +30% | +82% |
About Qualiance International: business, products and customers
Qualiance International makes weatherproof jackets, uniforms and work clothing in Tiruppur and exports nearly all of it, mostly to departments of the Swiss government. Its shares trade on NSE Emerge.
The business began as an apparel partnership in 1994 and became a company in 2006. It makes technical garments to its customers' own designs: military and police uniforms, high-visibility workwear, waterproof outerwear, children's rainwear and activewear, using processes such as seam sealing, bonded stitch-free assembly, ultrasonic welding and laser cutting at one owned factory in Tiruppur, Tamil Nadu.
The business model shapes the numbers. The company buys its own fabric and trims, much of it imported, and sells in foreign currency, so revenue includes the full material cost and a weaker rupee lifts both sales and other income through currency gains. Government work comes through tenders for five-year contracts, while brand buyers place orders as they need them, so the factory's time is shifted between Swiss and US buyers year to year.
Read more about the business
The prospectus names Gokaldas Exports and S P Apparels as its listed peers; both are much larger Indian garment exporters making clothes for overseas buyers. Most of the issue money is for a second, larger factory near Tiruppur meant for complex outerwear for international outdoor and performance brands.
From the red herring prospectus (2026) and the company's exchange announcements of September 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 30% a year over three years.
- It earns a high return on the money it uses: ROCE 34% in FY26.
- The promoters own a large part of the company: 63.66%.
To watch
- Civil work on the new Avinashi factory to January 2027 and commercial operation in March 2027 (Prospectus, p.78).
- Collection of the money owed by customers at March 2026 (Prospectus, p.32).
- The loan outstanding from a promoter (Prospectus, p.185).
- Board and staff changes: Krupa Rajesh Badani stepped down on 30 September 2026 and the company secretary leaves on 20 October 2026 (exchange announcements, 21 September 2026).
- Customers take longer to pay than before: 76 days in FY26, against 43 in FY23.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Qualiance International revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
Qualiance International profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 35 | 37 | 53 | 77 |
| Expenses | 32 | 32 | 44 | 60 |
| Operating profit | 3 | 5 | 9 | 17 |
| OPM | 9.0% | 14.0% | 17.0% | 22.0% |
| Other income | 1 | 1 | 2 | 4 |
| Interest | 2 | 2 | 3 | 4 |
| Depreciation | 1 | 1 | 1 | 1 |
| Exceptional and other items | · | · | -1 | · |
| Profit before tax | 1 | 3 | 6 | 16 |
| Tax rate | -100.0% | 0.0% | 16.7% | 25.0% |
| Net profit | 2 | 3 | 5 | 12 |
| EPS ₹ | 10.53 | 2.87 | 4.95 | 11.99 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY23) comes from tax charged on a small or negative profit, as reported.
Qualiance International profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 9.0% | 14.0% | 17.0% | 22.0% |
| Tax rate | -100.0% | 0.0% | 16.7% | 25.0% |
| ROCE | · | 13.9% | 19.1% | 33.9% |
| ROE | · | 24.0% | 22.2% | 40.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Qualiance International debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Qualiance International balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 2 | 10 | 10 | 10 |
| Reserves | 3 | 10 | 15 | 25 |
| Net worth | 5 | 20 | 25 | 35 |
| Borrowings | 28 | 19 | 30 | 28 |
| Other liabilities | 4 | 4 | 3 | 6 |
| Total liabilities | 37 | 43 | 58 | 69 |
| Fixed assets | 14 | 18 | 18 | 18 |
| Capital work in progress | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Other assets | 23 | 25 | 40 | 51 |
Qualiance International cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | 1 | 3 | -4 | 8 |
| Cash from investing | 0 | 0 | -4 | -3 |
| Cash from financing | 0 | -2 | 8 | -5 |
| Net cash flow | 1 | 1 | 0 | 0 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 43 | 36 | 14 | 76 |
| Inventory days | 266 | 344 | 503 | 265 |
| Days payable | 49 | 37 | 8 | 9 |
| Cash conversion cycle | 259 | 343 | 509 | 331 |
| Working capital days | 4 | 35 | 89 | 83 |
Qualiance International shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share.
Qualiance International shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 26 | |
|---|---|
| Promoters | 63.66% |
| Foreign investors (FIIs) | 0.91% |
| Indian institutions (DIIs) | 14.47% |
| HNIs (over ₹2 lakh each) | 6.35% |
| Small holders (up to ₹2 lakh) | 12.62% |
| Companies and others | 1.99% |
| Number of shareholders | 898 |
The named holders are at 10 Sept 2026, each under the group the pattern files them in.
Qualiance International study: the business from its own documents
Read from 1 of the company's own documentsQualiance International so far
From the company's own record
- August 2006Company formed
- 11 Sept 2026Listed on NSE Emerge at ₹127
- 10 Sept 2026Promoters at 63.66%
- 14 Sept 2026Highest close since listing, ₹236.10
Qualiance International key facts from the filings
Each figure with the document it comes from
- Swiss government departments
- 79.24%
- Share of FY26 product revenue from departments of the Government of Switzerland, up from 57.58% in FY25.Prospectus, p.107
- Top customer
- 56.93%
- Share of FY26 sales from the largest customer; the top ten gave 99.65%.Prospectus, p.22
- Exports
- 98.82%
- Share of FY26 revenue from exports, mainly to Switzerland and the United States.Prospectus, p.105 and p.106
- Capacity use
- 88%
- Use of the 4,50,000 pieces a year the Tiruppur factory can make, in FY26, up from 78% in FY25.Prospectus, p.115
- New factory
- 10,80,000 pieces
- Yearly base capacity planned at the new Avinashi plant, more than double today's, with commercial operation set for March 2027.Prospectus, p.75 and p.78
Show 5 more facts
- Issue money for the plant
- ₹38.0 cr
- Of a project cost of ₹39.1 cr for building and machinery; no machinery had been ordered at the time of the prospectus.Prospectus, p.74, p.75 and p.77
- Imported material
- 60.31%
- Share of FY26 purchases bought from abroad, such as membranes, seam tapes and zippers.Prospectus, p.116
- Trade receivables
- ₹16.0 cr
- Owed by customers at March 2026, against ₹2.1 cr a year earlier.Prospectus, p.32
- Loan to a promoter
- ₹3.8 cr
- Lent by the company to a promoter and outstanding at March 2026, up from ₹2.2 cr a year earlier.Prospectus, p.185
- Currency gains
- ₹3.2 cr
- Foreign exchange gain in FY26, the largest part of other income.Prospectus, p.188
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company has not given guidance on sales or profit. Its dated plan, set out in the prospectus, is a second factory at Avinashi in Tiruppur district: land is bought and its use converted, civil work runs from July 2026 to January 2027, machinery goes in by February 2027, trial runs follow, and commercial operation is planned for March 2027. The company says it will use the new capacity to approach premium outdoor and performance wear brands in Europe and North America.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
The company earns a maker's margin on technical clothing built to buyers' designs, mostly for Swiss government departments through long tenders.
Its weak spots are that a handful of buyers give almost all the sales, and that money owed by customers and stock tie up a lot of cash.
WatchCan it set its own prices?Not much. Government work is won in competitive tenders and brand buyers give the designs, so price is set against rival bids.
AverageHow strong is it against rivals?Two decades of supplying Swiss army, police and customs uniforms and a long list of certifications set it apart, but it is a small factory beside global garment makers.
WatchWho are its customers?A few large buyers, led by Swiss government departments, give nearly all sales, and there are no long-term purchase contracts with brand buyers.
WatchDoes it need a lot of money?Yes. Imported material and slow-paying orders tie up cash, and the new factory costs more than the company's whole net worth before the issue.
AverageCan it keep finding new work?It has won every tender it bid for in the last two years, all repeat five-year contracts, but winning new brand buyers is still a plan.
AverageDo good and bad years swing a lot?Sales follow when large orders land and which buyer gets factory time, and the rupee moves both sales and other income.
Who runs Qualiance International?
Promoters, directors and officers; tap a name for the background
VBVipul BadaniPromoter, Chairman and Managing Director
Diploma in Knitting Technology (1984) from the Maharashtra State Board of Technical Education, with over 30 years in apparel exports; started the apparel partnership in 1994 and has been a director since the company was formed in 2006. Oversees overall management and strategy. The prospectus records Vipul Badani as uncle of Bhoomin R Badani and brother-in-law of Krupa Rajesh Badani.
Prospectus, p.137, p.138 and p.147BRBhoomin R BadaniPromoter, Whole-Time Director and Chief Executive Officer
Bachelor of Management Studies (2006) and Bachelor of Laws (2013) from the University of Mumbai, with over 15 years in business development, legal practice, FMCG and apparel manufacturing; with the company since 2007, Chief Executive Officer from April 2025 and Whole-Time Director from January 2026. Leads growth and business development.
Prospectus, p.137, p.138 and p.148KRKrupa Rajesh BadaniPromoter
Secondary certificate holder with 29 years of experience; a partner in the original apparel business from 1994 and an executive director from 2006 to October 2025, handling administration, documentation and compliance. Stepped down as Non-Executive Director with effect from 30 September 2026. The prospectus records Krupa Rajesh Badani as mother of Bhoomin R Badani.
Prospectus, p.138 and p.147; exchange announcement of 21 September 2026DDDhriti DroliaNon-Executive Director
Appointed Non-Executive Director with effect from 1 October 2026. The prospectus lists Dhriti Drolia in the promoter group as daughter of Vipul Badani.
Exchange announcement of 29 September 2026; Prospectus, p.152DJDharini JataniaIndependent Director
Master's in Chemistry from Utkal University (2005) with over 14 years of experience, including EXL Services and American Express India in team leadership, and brand management; handles business development at a limited liability partnership since 2023.
Prospectus, p.137 and p.138KRKadambari R MehtaIndependent Director
Postgraduate diploma in public relations from K. C. College of Management Studies, with over 14 years of experience including Ernst & Young and healthcare operations; has run a children's library and activity centre since 2016.
Prospectus, p.138 and p.139STSaira Tabrez KhanChief Financial Officer
Master of Commerce with about five years in finance and accounts, earlier with Monika Jain & Co.; Chief Financial Officer since November 2025.
Prospectus, p.146 and p.147PDPradeep Devanand PrajapatiCompany Secretary and Compliance Officer
Qualified company secretary, earlier with Swiss Steel India, appointed in November 2025; has resigned with effect from 20 October 2026.
Prospectus, p.146 and p.147; exchange announcement of 21 September 2026Qualiance International latest news and announcements
Announcements · Documents · Corporate actionsQualiance International announcements
10 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- AppointmentOf Mrs Dhriti Drolia as Non- Executive Director of the company w.e.f. October 01, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- ResignationOf Mrs KRUPA RAJESH BADANI as Non- Executive Director of the company w.e.f. September 30, 2026PDF ↗
- Resignation of Director/KMP/SMPResignation of Director/KMP/SMPPDF ↗
- Resignation of Director/KMP/SMPResignation of Director/KMP/SMPPDF ↗
- CessationOf Mrs Krupa Rajesh Badani as Non- Executive Director of the company w.e.f. September 30, 2026PDF ↗
- Resignation of Director/KMP/SMPResignation of Director/KMP/SMPPDF ↗
- Resignation of Director/KMP/SMPResignation of Director/KMP/SMPPDF ↗
- ResignationOf Mr Pradeep Prajapati as Company Secretary & Compliance Officer of the company w.e.f. October 20, 2026PDF ↗
Qualiance International annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Qualiance International share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Qualiance International's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,34,52,000 shares).
- !The FY26 results imply 1,00,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY23 (₹10.53) and FY24 (₹2.87) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Qualiance International
What does Qualiance International do?
Qualiance International makes weatherproof jackets, uniforms and work clothing in Tiruppur and exports nearly all of it, mostly to departments of the Swiss government. Its shares trade on NSE Emerge.
What is the share price of Qualiance International?
₹136 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Qualiance International?
₹184 cr at the close on 6 Nov 2026, on 1,34,52,000 shares.
What is the P/E of Qualiance International?
15.3 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Qualiance International's revenue and profit?
Revenue ₹77 cr and profit after tax ₹12 cr in FY26.
Who are the promoters of Qualiance International?
Vipul Badani, Bhoomin R Badani, Krupa Rajesh Badani; promoters held 63.66% at 10 Sept 2026.
What was the IPO price of Qualiance International?
₹127 a share; it listed on 11 Sept 2026.
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Built from 1 offer document, 10 exchange announcements, 1 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.